September 11: Gold Gains While Silver Slips

The Metals:

Gold edged up to $1197.20 in Asia before it chopped down to $1187.90 in early New York trade, but it then rallied back higher into the close and ended near its late session high of $1197.80 with a gain of 0.06%. Silver slipped to as low as $13.942 before it also bounced back, but it still ended with a loss of 0.35%.

Euro gold rose above €1032, platinum gained $6.50 to $788, and copper edged down to $2.60.

Gold and silver equities fell over 2% at the open, but they then climbed back higher for most of the rest of trade and ended near unchanged.

The Economy:

July wholesale inventories revised slightly down  CNBC

U.S. budget deficit widens to fifth-highest ever, CBO reports  MarketWatch

U.S. job openings climb to record 6.9 million  MarketWatch

Small-business owners more optimistic than ever, NFIB credits Trump economic policies  MarketWatch

Tomorrow brings PPI and fedspeak.

The Markets:

Oil rose nearly 3% on worries about Hurricane Florence.

The U.S. dollar index remained firm on trade concerns.

Treasuries fell as the Dow, Nasdaq, and S&P rose in afternoon trade on renewed strength in tech.

Among the big names making news in the market today were Juul, Apple, Sonos, and Ericsson.

GATA Posts:

China seeks advice from Wall Street bankers and Barrick Chairman Thornton

Precious metals derivatives soar, so who ARE those guys?

IMF's former chief economist couldn't be more naive

The Statistics:

As of close of business: 9/10/2018

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

Note: No change in Total Tonnes from yesterday’s data.

COMEX Gold Trust (IAU) Total Tonnes in Trust: 263.93: No change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 10,377.90: +29.23 change from yesterday’s data.

The Miners:

IAMGOLD’s (IAG) drill results and Pretivm’s (PVG) amended report were among the big stories in the gold and silver mining industry making headlines today.

WINNERS

LOSERS

Winners & Losers tracks NYSE listed gold and silver mining stocks that trade over $1.

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